If the B10 teams each pick up one Pac12 team and also pick up another conference game as is planned to start in 2015, that will leave two noncon games for each B10 team to schedule. Since home games will be at a premium, they would want to schedule cupcakes that won't ask for a home/away series. That means ND would be dropped by Michigan, Michigan State, and Purdue. And the Pac12 is likely to follow suit, so there is the risk of ND losing USC and Stanford as well.
ND will be frozen out, and it may be too late already to join one of the major conferences so they may be relegated to the Big East or ACC. OTOH, it might be better to be a big frog in a small pond.